Section 12983 Of Article 2. Refund Or Credit For Collected Taxes From California Revenue And Taxation Code >> Division 2. >> Part 7. >> Chapter 7. >> Article 2.
12983
. (a) Interest shall be allowed upon the amount of any
overpayment of tax by an insurer pursuant to this part at the
modified adjusted rate per month established pursuant to Section
6591.5, from the first day of the monthly period following the period
during which the overpayment was made. For purposes of this section,
"monthly period" means the month commencing on the day after the due
date of the payment through the same date as the due date in each
successive month. In addition, a refund or credit shall be made of
any interest imposed upon the claimant with respect to the amount
being refunded or credited.
(b) The interest shall be paid as follows:
(1) In the case of a refund, to the last day of the calendar month
following the date upon which the claimant is notified in writing
that a claim may be filed or the date upon which the claim is
approved by the board, whichever date is the earlier.
(2) In the case of a credit, to the same date as that to which
interest is computed on the tax or amount against which the credit is
applied.
(c) This section shall become operative on July 1, 2013.